Crypto Markets Analysis: Asset prices reversed on Monday from their recent drop as regulators' words and actions appeared to allay fears about the impact of Silicon Valley bank’s collapse on the banking sector and economy. GWilliamsJr_CMT writes
Crypto assets reversed course on Monday from their recent down trend as Federal Reserve comments appeared to allay investor fears about the impact of Silicon Valley Bank’s collapse on the banking sector and economy.
The announcement by the U.S. Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation that depositors would have full access to their deposits by Monday morning, renewed markets’ confidence, and boosted BTC and ETH prices by as much as 15% and 10%, respectively. The Federal Reserve also announced plans to make additional funding available to all eligible depository institutions, and is “prepared to address any liquidity issues that may arise”.
Meanwhile, in macroeconomic news, bond yields plunged as the fallout from the SVB collapse led investors to believe that the Fed will slow or even pause rate hikes in response.
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Silicon Valley Bank failure could trigger run on U.S. regional banksFed and FDIC decisions concerning the future of Silicon Valley Bank may affect regional banks across the United States.
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Fed announces new emergency loan program for banks to ease contagion risk from Silicon Valley BankThe Federal Reserve on Sunday set up a new emergency loan program to bolster the banking system.
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